Proposed Rule

Proposed Amendments to NFA Bylaw 1507 (additions are underscored and deletions are in brackets):

BYLAWS OF NATIONAL FUTURES ASSOCIATION

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CHAPTER 15 - MISCELLANEOUS PROVISIONS

BYLAW 1507. DEFINITIONS.
The terms used in these Bylaws shall have the same meaning as in the Articles: Provided, however, that the term "futures" as used in these Bylaws shall include:

(1) option contracts granted by a person that has registered with the Commission under Section 4c(d) of the Act as a grantor of such option contracts or has notified the Commission under the Commission's rules that it is qualified to grant such option contracts;

(2) foreign futures and foreign options transactions made or to be made on or subject to the rules of a foreign board of trade for or on behalf of foreign futures and foreign options customers as those terms are defined in the Commission's rules; [and]

(3) leverage transactions as that term is defined in the Commission's rules; and

(4) security futures products, as that term is defined in Section 1a(32) of the Act.

Such contracts are hereby declared to be a proper subject of NFA regulation and oversight (See Article XVIII, paragraph (k)).

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